Fewer Homeowners Carry Housing Cost Burdens than Pre-Recession

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Posted To: MND NewsWire

It may come as a surprise to some, but the Census Bureau says the housing cost burden for homeowners has been getting lighter. The Bureau’s American Community Survey (ACS) found fewer households are carry excessive costs than before the recession, however the rate of renters with high housing cost has remained about the same. A cost-burdened household is one that spends 35 percent or more of its monthly income on housing related expenses. For homeowners that includes not only mortgage payments but utility bills, property insurance and tax payments, and any required condo or mobile home fees. The ACS found that, among the 77.7 million owner households in the country, about 62 percent had a mortgage, a share that has declined by 6.5 percentage points since 2008. In 2018, 20.9 percent of homeowners…(read more)

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